Searching for direction

As if the turmoil in the Far East wasn't unsettling enough for world markets, the "did he, didn't he" surrounding US President Bill Clinton's latest alleged affair did nothing to smooth market jitters on Wall Street at the end of last week. There's nothing markets hate like uncertainty and there is little chance of determining the direction of the markets until some answers are forthcoming.

Apart from the White House, attention this week will continue to focus of efforts in south-east Asia, especially Jakarta, to stabilise fragile markets as well as the ongoing results season in the US and among the Korean banks.

Monday

Results: Allied Carpets Group (H1), American Express (Q4), Filtronic Comtek (H1), General Motors (Q4), Haynes Publishing Group (H1), International Greetings (H1), London Scottish Bank, Mid Wynd Inter Inv (H1), Rio Tinto, Udaras na Gaeltachta, Uno (H1), US Smaller Co Inv (H1).

A.G.M.: Arlen (e.g.m.), YJ Lovell, Plasmec (e.g.m.).

Meetings: Minister for Finance, Mr McCreevy opens Small Firms Association/Ulster Bank seminar on "EMU the implications for small business" (Red Cow Inn Hotel, Dublin); Institute of European Affairs economists group discusses "Sustaining Competitiveness" (Dublin).

Indicators: Irish agricultural prices (Nov) and non-EU trade (Nov); US existing home sales (Dec); French CPI (Dec).

Tuesday

Results: 3M (Q4), American Home Products (Q4), Bethlehem Steel (Q4), Black & Decker (Q4), Boeing (Q4), Derby Trust, FII Group (H1), Ford Motors (Q4), H&C Furnishings (H1), Kimberly-Clark (Q4), Merck & Co (Q4), Microgen Holdings, Schering-Plough (Q4), Sprint (Q4), Wyko Group (H1).

A.G.M.: Raphael Zorn Hemsley, Recognition Systems, Victrex.

Indicators: Irish industrial production (Oct); US employment cost index (Q4), consumer confidence (Jan) and LRJ redbook; French balance of trade (Nov) and consumer spending (Dec).

Others: US President, Mr Bill Clinton, gives State of the Union address to Congress; Minister for Agriculture, Mr Walsh launches Avonmore Waterford/ Irish Farm Computers AgriNet coumputer package for farmers in Dublin; Miners International Cosmetics announces entry to Irish market (Planet Hollywood, Dublin); Minister for Education, Mr Martin launches Ernst & Young and Forbairt guide to "Computing Skills & The Job Market".

Wednesday

Results: Ball (Q4), Bullough, Colefax & Porter (H1), Dupont (Q4), Gillette (Q4), Goodhead Group (H1), Misys (H1), Readers Digest (Q2), Stavert Zigomala (H1), Topps Tiles (H1).

A.G.M.: Capital Radio, Diageo (e.g.m.), Dunloe House (e.g.m.), Edinburgh New Tiger, Fleming Indian, RM, Scottish Radio, Shaftesbury, Total.

Meetings: Foundation for Fiscal Studies seminar on "An Actuarial Review of Social Welfare Pensions in Ireland (Newman House, Dublin).

Indicators: Irish repo rate set; British non-EU trade (Dec) and total trade (Nov); US durable goods (Dec).

Others: NCM launches political and commercial risk insurance policy for exports; Viscount Montgomery of Alamein opens Dublin office of the Centre for International Briefing (Dublin Castle); Marks & Spencer Christmas trading statement.

Thursday

Results: Bausch & Lomb (Q4), Eli Lilly (Q4), Ingersoll-Rand (Q4), Peel Holdings (H1), Partridge Fine Art, Rhone Poulenc, Rubicon (H1), TSB Bank, WH Smith (H1).

A.G.M.: Barcom, Break for the Border (e.g.m.), Cambridge Mineral (e.g.m.), English & Scottish Inv. (e.g.m.), Govett High Income Inv, Murray Enterprise, Paragon Group of Companies, Ransomes, Slimma, Tweefontein United Col.

Meetings: World Economic Forum annual meeting (Davos to Tues); Tendering Questions Answered an evening seminar on targeting public sector contracts aimed at SMEs (Royal Marine Hotel, Dun Laoghaire).

Indicators: Irish industrial employment (JunMar) and balance of international payments (Q3); US help wanted index (Dec) and weekly jobs claims; French business confidence (Jan).

Others: US Federal Reserve chairman, Mr Alan Greenspan reports on status of the US economy.

Friday

Results: Heavitree Brewery, Kellog (Q4).

A.G.M.: Compass Group, Dunedin Worldwide, Honeysuckle Group, Vaux Group, Villiers Group (e.g.m.).

Indicators: Irish retail sales index (Nov); US real GDP (Q4)and Chicago purchasing managers' index (Jan); US GDP (Q3).

Others: US Federal reserve chairman, Mr Greenspan and Treasury Secretary, Mr Rubin testify before Congress.